MOSCOW , Russia (July 14, 2003)- Golden Telecom, Inc. (NASDAQ: GLDN), Russia’s largest independent telecoms operator, has signed a long-term agreement to provide gigabit Ethernet service to RBC-TV, the Russian business TV station. Golden Telecom, Inc. will provide a broadband virtual private network (VPN) for the broadcast of a high-quality digital signal by RBC-TV.

The first stage of the two companies’ collaboration envisages the provision of data channels operating at speeds from 30 Mb/sec to 100 Mb/sec using Golden Telecom’s optical fiber network and Gigabit Ethernet technology. RBC-TV’s central studio will link 30 remote terminals in banks, investment companies, as well as accounting and consulting companies, investment funds, exchanges and the business press to Russia’s main cable and satellite channels. Currently Golden Telecom is the only provider in Moscow capable of carrying television broadcasts via Gigabit Ethernet.

RBC-TV is a new project for the RBC group of companies and will be Russia’s first business TV station, devoted entirely to Russian and international business news. RBC-TV will broadcast 24 hours a day, covering Russian and international financial and commodity markets. The service is expected to go live on September 1, 2003.

Alexander Rozanov, Business Development Division Director of Golden Telecom noted: “New broadband technologies like Gigabit Ethernet are steadily becoming the solution of choice for modern TV and video transmission. We are delighted that Golden Telecom’s Gigabit network will be used by Russia’s premier business station.”

A. Inyutin, General Director of RBC-TV added: “Golden Telecom’s services allow us to provide the best possible transmission quality. These new provision channels allow us to report on business events more effectively, and will help us retain our leading position in the provision of financial information in Russia. This first business station offers new growth opportunities to Russian business, and we will shortly give our audience a chance to see this for themselves.” 

About Golden Telecom (www.goldentelecom.com)

Golden Telecom, Inc., NASDAQ: “GLDN” is a leading facilities-based provider of integrated telecommunications and Internet services in major population centers throughout Russia and other countries of the Commonwealth of Independent States (CIS).  The Company offers competitive local exchange carrier services using its overlay network in Moscow, Kiev, St. Petersburg and Nizhny Novgorod; data and long-distance services using a fiber optic and satellite-based network – including 149 combined access points in Russia and other countries of the CIS; dedicated and dial-up Internet access to businesses and consumers; Internet content through numerous web brands powered by its ROL portal; and mobile services.

Statements made in this press release are forward looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such statements include the expected contract with RBC-TV. It is important to note that such statements involve risks and uncertainties, which may cause outcomes to differ materially from those set forth in these statements.  Such risks and uncertainties include, but are not limited to, our ability to maintain this relationship with RBC-TV, potential acquisitions, and political, economic and regulatory developments in Russia, and increasing competition that may limit growth opportunities. Additional information concerning factors that could cause results to differ materially from those in the forward looking statements is contained in the Company’s filings with the U.S. Securities and Exchange Commission including the Company’s periodic reports on Form 8-K filed during 2003 and the Company’s annual report on Form 10-K for the year ended December 31, 2002.

About RBC

RBC has been operating on the Russian media and IT markets for 10 years, and is a leader on both. It is the only Russian company to figure in the Deloitte&Touche Tohmatsu 2002 European Technology Fast 500, a pan-European rating of the fastest growing high-tech companies. In 2002 the holding company for RBC, OAO RBC Information Systems became the first company to list its shares by a purely Russian domestic IPO. RBC-TV is a 100%-owned subsidiary of OAO RBC Information Systems.

FOR MORE INFORMATION, CONTACT:

Golden Telecom

Public Relations:

Anna Chin Ga Pin

e-mail: achin@gldn.net

tel.: +7-501-797-9300; fax: +7-501-797-9332

Investor Relations:

Tom Adshead

e-mail: tadshead@gldn.net

tel.: +7-501-797-9300; fax: +7-501-797-9331

www.goldentelecom.com

RBC

Natalia Samoylova

tel. (095) 363-11-11

e-mail: nsamoylova@rbc.ru